Pennsylvannia's largest bank buys Ohio's largest bank. That's correct PNC is buying National City. National City was ranked 10th in loans to sub-prime borrowers. Most of there sub-primeholding were placed with a subsidiary known as First Franklin Financial, which was sold to Merrill Lynch & Company, contributing to the brokerage's failure. Financial institutions are using some of the bailoutfunds for the mergers, which has the government's approval.
The other financial institution is Sovereign Bancorp Inc., to be acquire by Banco Santander - Spain's largest lender.
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